Peter Schiff Warns Investors of 2 ‘Huge Surprises’ — Foresees Inflation Too High for Fed Rate Cuts to Stimulate Economy
Economist Peter Schiff says investors are in for “two huge surprises.” Noting that the Federal Reserve has already lost its fight against inflation, he explained that by the time the U.S. economy officially enters a recession, inflation will be too high for the Fed to “stimulate” with interest rate cuts. Peter Schiff Sounds Alarm on U.S. Economy Economist and gold bug Peter Schiff issued multiple warnings about the U.S. economy in a series of tweets this week. He wrote on Wednesday: Investors are in for two huge surprises. The first is that future inflation rates will be much higher than they think. The second is that the Fed won’t be willing or able to do what it takes to fight it. Following the U.S. Bureau of Labor Statistics report, released Thursday, that the consumer price index (CPI) rose 3.2% from a year ago in July, Schiff tweeted: “Don’t believe the financial media’s spin that July’s 3.2% YoY CPI rise, with YoY core at 4.7%, means the Fed is winning its war against infl